影视ETF（516620）跟踪的是中证影视指数（930781），该指数从沪深市场中选取涉及影视内容制作、 发行、渠道运营等业务的上市公司证券作为指数样本，涵盖影视制作、网络剧、动漫等多个细分领域。 指数主要配置于通信服务行业，同时覆盖可选消费与工业等跨领域标的，旨在综合反映中国A股市场影 视文化产业上市公司的整体表现，体现行业多元化发展特征。 （文章来源：每日经济新闻） 中泰证券指出，传媒行业在AI与IP双轮驱动下呈现攻守兼备特性。电影市场迎来内容供给提升和结构改 善，25Q1-Q3行业毛利率达28.9%，同比增长7.2个百分点，非票经济受重视，监管政策释放积极信号。 IP领域消费升级为情感货币，赋能内需增长与文化出海，与AI等前沿科技商业化形成共振。国产文化基 建全球领先，千禧一代和Z世代具备文化自信和情绪消费需求。AI应用方面，多模态技术迭代推动AI漫 剧生产效率提升3倍以上，费用缩减90%，平台政策支持进入高品质增长阶段；AI游戏研发环节渗透率 持续提升，轻度休闲及互动类游戏有望率先实现AI化。出版行业国有公司凭借教材教辅业务巩固基本 盘，地方出版平均分红比例50-60%具红利属性，同时布局智慧教育、研 ...

中泰证券（600918）发布研报称，AI落地的三条主线，端侧入口成型、模型能力实用化迭代、多模态 工具成熟。另外，消费市场从"功能满足"到"心灵共振"，IP从流量符号提升为情感货币，期待大IP及其 商业化。自上而下看，IP赋能内需增长与文化出海，同时与AI等前沿科技的商业化产生共振。自下而上 看，国产文化产品基建全球领先，千禧一代和Z世代具备文化自信和情绪消费需求，供需两端逻辑顺 畅。 中泰证券表示，传媒行业攻守兼备属性明确，看好游戏、电影、出版等投资机会。游戏板块EPS支撑度 高，安全垫较高，建议后续对业绩稳定性强或产品边际变化明显的公司重点关注。电影行业在疫情后波 动中恢复，盈利质量提升，非票经济得到空前重视，监管政策释放积极信号。出版行业方面，在防守维 度，国有出版教材教辅业务中长期凭借国有背书、内容、渠道优势巩固强化基本盘，地方国有出版行业 平均分红比例50-60%具红利属性。 中泰证券主要观点如下： 主线①：AI落地的三条主线：端侧入口成型、模型能力实用化迭代、多模态工具成熟。建议关注AI漫 剧、AI游戏、AI教育、AI营销、AI出版。 AI漫剧：边际变化明确，受益于多模态技术迭代，供给及需求增速迅 ...

Core Insights - Main Line 1: Three main lines of AI implementation: formation of endpoint access, practical iteration of model capabilities, and maturity of multimodal tools. Focus on AI comic dramas, AI games, AI education, AI marketing, and AI publishing [4] - Main Line 2: Investment value in the IP industry [4] AI Applications - AI Comic Dramas: Significant marginal changes with rapid growth in supply and demand, improving production efficiency by over 300% and reducing costs by over 90%. Support from platform policies is driving high-quality growth [7] - AI Games: Increasing penetration of AI in the development phase, with light casual and interactive games likely to lead in AI integration. Future potential in enhancing user engagement through AI-driven companionship [7] - AI Marketing: New marketing models driven by AI technology, with 53.1% of advertisers using AIGC for creative content generation. Over 80% of consumers are shifting from multi-platform searches to AI one-stop consultations, indicating a need for optimization in generation engines [7] - AI Education: AI reduces costs and improves teaching efficiency, with strong demand for educational equity in China. AI+ education companies are expected to penetrate deeper into the market leveraging product and promotional capabilities [7] - AI Publishing: Successful integration of AI in publishing by overseas companies, with domestic publishers also advancing AI participation in both popular and academic publishing ecosystems [7] IP Industry - The consumer market is shifting from "functional satisfaction" to "emotional resonance," with IP evolving from a traffic symbol to an emotional currency. Anticipation for large IPs and their commercialization is high [7] - The domestic cultural product infrastructure is globally leading, with millennials and Generation Z exhibiting cultural confidence and emotional consumption needs, indicating a smooth supply-demand logic [7] Media Sector Investment Opportunities - Gaming: The industry shows steady growth, with high EPS support in the gaming sector. Focus on companies with strong performance stability or significant product changes [7] - Film: The market is experiencing improved content supply and industry structure, with a gross profit margin of 28.9% in Q1-Q3 2025, up 7.2 percentage points year-on-year. The industry is recovering post-pandemic, with a focus on non-ticket revenue [7] - Publishing: In the defensive dimension, state-owned publishing companies are expected to maintain a strong foundation due to state backing and content advantages. In the offensive dimension, publishing companies are exploring smart education and offline store value [7] Recommended Companies - US Stocks: ALPHABET (GOOGL.O), Cipher Mining (CIFR.O) [7] - Hong Kong Stocks: Alibaba, Tencent Holdings, Kuaishou-W, Yueda Group, and Huimeng Technology [7] - A-shares: AI comic dramas (Rongxin Culture, Huanrui Century, Yidian Tianxia, Zhongwen Online), AI marketing (Yidian Tianxia, BlueFocus, FenZhong Media), AI games (Kaiying Network, Century Huatong, Giant Network), AI education and publishing (Doushen Education, Southern Media, Century Tianhong) [7] - IP: Recommended companies include Pop Mart, Damai Entertainment, Yueda Group, Giant Star Legend, Shanghai Film, Rongxin Culture, and Aofei Entertainment [7] - Media Sector: Focus on gaming (Century Huatong, Kaiying Network, Giant Network, 37 Interactive Entertainment, Perfect World, G-bits), film (China Film, Light Media, Wanda Film, Hengdian Film, Happy Blue Sea, Huace Film, Shanghai Film, China Confucianism, Maoyan Entertainment, Damai Entertainment, Jiecheng Shares), and publishing (Shandong Publishing, Central Plains Media, Yangtze River Media, Southern Media, Phoenix Media, Zhongnan Media, Xinhua Wenshu, Zhejiang Publishing, Anhui Xinhua Media, Times Publishing, Zhongwen Media, Inner Mongolia Xinhua) [7]

AI，可能是近几年最受争议的话题之一。 从期待它还原真实的《头号玩家》，从AI相关创业的投资热，到从业者恐慌被AI抢工作，到市场上开始出现AI游戏但被吐槽没有意思……如今，AI大模 型仍在飞速更新，它似乎变得越来越有能力。但大家曾畅想的「颠覆业界的全新AI游戏体验」，仍未出现。 AI游戏到底是泡沫，还是属于它的时代仍未到来？ 前不久，葡萄君参加了43 College与易论Al联合发起的线下沙龙43 Talks。期间，405游局播客主理人筱宁（兼主持人），趣丸集团VP、《屠龙之术》主播 庄明浩，奇绩创坛被投企业、喵吉托游戏创始人李驰（Jesse），AI乙游探索者、游戏制作人Roi，前金山云合伙人、伊克罗德创始人黄国华（Ivan）等嘉 宾，就AI和AI游戏的过去、现在、未来，进行了一场圆桌讨论。 从左到右：筱宁、Roi、李驰、黄国华、庄明浩 在他们看来，市场对AI的期望开始下降，不全是坏事，这为后面的AI游戏「超越预期」提供了更多可能。 至于这几年AI游戏被市场吐槽"没有意思"，或许也不代表AI游戏真的不行：融入AI，意味着在游戏里加入不可控的概率内容，业内出身的传统游戏策 划，其思路反而无法适应；不少大厂都在尝 ...

Core Viewpoint - The article discusses the evolving landscape of AI in the gaming industry, highlighting the challenges and opportunities faced by major players like Tencent and NetEase in integrating AI into game development, while also noting the rise of independent teams exploring native AI games [2][32]. Group 1: AI Game Development Landscape - The gaming industry is currently in a phase of "self-discovery" regarding AI games, with significant discussions focused on defining what constitutes a true "AI game" [2]. - Investment in both gaming and AI has cooled significantly over the past two years, leading to a challenging environment for AI game development [2][3]. - By the end of 2025, numerous AI game products have emerged, showcasing a shift from basic AI implementations to more sophisticated independent games [2][3]. Group 2: Tencent's Approach - Tencent's strategy primarily focuses on efficiency improvements through AI, rather than developing native AI games independently [4][5]. - The company has made significant advancements in AI technology, particularly in enhancing existing game projects with AI features, rather than creating entirely new AI-driven games [6][8]. - Tencent's "Hunyuan" platform, launched in May, aims to streamline game art design processes, leveraging years of accumulated data to enhance development efficiency [9][12]. Group 3: NetEase's Strategy - NetEase's approach differs from Tencent's, opting for a tighter integration of AI within its studio teams, particularly through the Fuxi Lab, which closely collaborates with project teams [16][17]. - The Fuxi Lab focuses on practical AI applications that directly support game development, allowing for a more flexible and responsive development process [18][20]. - NetEase's AI initiatives are designed to enhance player engagement and interaction, rather than fundamentally altering core gameplay mechanics [20][21]. Group 4: Independent Teams and Native AI Games - Independent teams are exploring the potential of native AI games, which are defined as games that could not exist without AI [23][24]. - Examples like "Maggie's Garden" illustrate how small teams are leveraging AI to create unique gameplay experiences, with significant portions of the team dedicated to AI development [26][30]. - The article emphasizes that while AI can enhance game development efficiency, it does not replace the creative input of human designers, highlighting the need for a balance between AI capabilities and traditional game design [30][32]. Group 5: Future Outlook - The future of AI in gaming is uncertain, with major companies prioritizing efficiency over radical gameplay innovations, leaving the exploration of native AI games to independent developers [32][33]. - The article concludes that for AI to truly enhance gaming experiences, it must be integrated as a tool for game design rather than a fleeting trend, suggesting a need for deeper integration of AI into the gaming development process [32][33].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [10]. Core Insights - The report emphasizes that the valuation reassessment of AI in the internet sector (including cloud computing, chips, and applications) is ongoing, driven by both domestic and global factors [3]. - The competition for entry points in the AI application market is intensifying, which is crucial for the monetization of AI applications [3]. - Key recommendations include major players like Tencent, Alibaba, Baidu, and Bilibili, focusing on their AI capabilities and growth potential [3]. Summary by Relevant Sections AI and Internet Sector - The report highlights the importance of self-reliance in AI technology as emphasized in the recent political meetings in China [3]. - Upcoming earnings reports from major US tech companies are expected to influence global AI investment narratives [3]. - The strategic expansion of OpenAI and ByteDance into various applications is noted as a significant trend [3]. Gaming Sector - The gaming sector has seen a correction, with previous high expectations now adjusted, making valuations more attractive [3]. - Companies like Huya and Bilibili are highlighted for their growth potential in the gaming market, with specific titles performing well [3]. - The report notes the long lifecycle and profitability of SLG games, with cash flow supporting new business explorations [3]. E-commerce and Entertainment - Pop Mart's stock price volatility reflects differing views on IP lifecycle management, with expectations for sales growth in North America [3]. - Mango TV is seen as stabilizing, with upcoming content expected to drive revenue growth [3]. - The report anticipates potential for increased membership and advertising revenues driven by popular content [3]. Valuation Table - A detailed valuation table is provided, showing market capitalizations and revenue projections for key companies in the gaming, cloud computing, and entertainment sectors [5]. - For instance, Tencent's projected revenue for 2025 is 74.64 billion RMB, with a net profit of 25.56 billion RMB, reflecting a year-on-year growth of 15% [5]. Key Recommendations - The report recommends focusing on companies with strong AI capabilities and growth potential, including Tencent, Alibaba, Baidu, and Bilibili, among others [3]. - It also suggests monitoring the gaming sector for emerging opportunities, particularly in companies like Huya and Bilibili [3].

Group 1: Coal Industry Performance - The coal sector has shown strong performance, with stocks like Shaanxi Black Cat, Shanxi Coking Coal, and Yunmei Energy hitting the daily limit up [3] - Dayou Energy has achieved a remarkable 10-day streak with 9 limit-up days, accumulating a nearly 150% increase [3] - The supply of coal is expected to be constrained due to ongoing "anti-involution" policies, while demand is anticipated to rise due to winter heating and industrial peak seasons, shifting the supply-demand relationship towards a "tight balance" [3] Group 2: Market Trends and Investor Sentiment - The A-share market experienced a rebound, with major indices closing in the green, indicating a recovery in investor sentiment [2] - The financial sector contributed to the market's recovery, with significant movements in stocks like Ruida Futures [2] - Analysts suggest that the coal sector's performance in Q4 may surpass that of Q3, with the current overall valuation being relatively low, presenting a buying opportunity [3] Group 3: Media and Gaming Sector Developments - The short drama and gaming sectors have also seen significant gains, with stocks like Haikan Co., Rongxin Culture, and Xingfu Lanhai reaching the daily limit up [4] - iQIYI has announced a new cooperation plan for comic dramas, which includes revenue-sharing incentives for partners [4] - The National Press and Publication Administration has approved a high number of game licenses, indicating a robust pipeline for the gaming industry [4] Group 4: Technology Sector Outlook - Despite a recent market pullback, the technology sector is expected to present opportunities, with significant developments in AI and robotics anticipated in the coming weeks [5] - Analysts recommend maintaining a balanced investment strategy, focusing on sectors like domestic computing power and semiconductor self-sufficiency [5] - The market is expected to see continued inflows of capital, with investors showing a strong willingness to buy on dips, suggesting a potential recovery in market momentum [5]

Financial Performance - Kunlun Wanwei reported a revenue of 3.733 billion yuan for the first half of 2025, representing a 49.23% increase from 2.5 billion yuan in the same period last year [1][2] - The net loss for the first half of 2025 was 855.55 million yuan, compared to a net loss of 389.14 million yuan in the previous year, indicating a 119.86% increase in losses [2] - The net cash flow from operating activities was -560.46 million yuan, a significant decline from a positive cash flow of 189.09 million yuan in the same period last year, marking a 396.40% decrease [2] Shareholder Structure - As of June 30, 2025, the largest shareholders included New Yu Yingrui Century Software R&D Center with 15.11%, Zhou Yahui with 11.56%, and Li Qiong with 7.67% [3][4] - Hong Kong Central Clearing Limited became the fourth largest shareholder with a 1.73% stake, having increased its holdings during the reporting period [7] Strategic Investments - Kunlun Wanwei's subsidiary, Kunlun Group, and Beijing Milaiwu Network Technology Co., Ltd. invested a total of 3 billion yuan in Skywork, acquiring 1.34% and 0.67% stakes respectively, as part of Skywork's overall A-round financing [8] - Skywork is valued at 14.9 billion yuan, focusing on AI business development and has established a comprehensive technology system for large models and multimodal applications [10][11] Operational Metrics of Skywork - Skywork reported a revenue of 1.686 billion yuan for 2024, with a net loss of 1.284 billion yuan, and for the first quarter of 2025, it generated 645 million yuan in revenue with a net loss of 463 million yuan [11][12] - As of March 31, 2025, Skywork's total assets were 3.03 billion yuan, with total liabilities of 1.87 billion yuan and a net asset value of 1.16 billion yuan [12] Market Performance - As of the latest closing, Kunlun Wanwei's stock price was 44.38 yuan, reflecting a 20% increase, with a market capitalization of 55.713 billion yuan [15]

Core Insights - The company plans to increase capital by 200 million yuan for its subsidiary Skywork, with participation from Kunlun Fund and Meilaiwu [1][2] - Skywork focuses on the development of AI business, particularly in large models and multimodal technology, establishing a comprehensive technology system [1] - The financing aims to strengthen the company's core competitiveness in the AI sector and accelerate its transition from a leading internet platform to a top AI technology enterprise [2] Financial Details - The capital increase includes 200 million yuan from Kunlun Group and 100 million yuan from Meilaiwu [1] - Kunlun Fund will convert 200 million yuan of previously provided convertible bonds into equity [1] Business Strategy - Skywork is advancing its AI business with breakthroughs in self-developed large models and AIGC, creating a closed-loop capability in core technology areas [1] - The company has developed a matrix of vertical models tailored to different industry needs, including applications in AI large models, intelligent assistants, video, music, gaming, and social media [1]

Group 1 - The company plans to increase capital by 200 million yuan for its subsidiary Skywork, with participation from Kunlun Fund and Meilaiwu [1][2] - Skywork is the main entity for the company's AGI and AIGC business, focusing on the development and application of large models and multimodal technologies [1] - The company has established a comprehensive technology system from foundational technology to industry solutions, achieving breakthroughs in core technology areas [1] Group 2 - The financing will strengthen the company's core competitiveness in the artificial intelligence sector and enhance its industry influence [2] - The company aims to transition from a leading internet platform in China to a top-tier artificial intelligence technology enterprise [2] - The funding will accelerate the rapid rise of the company's AGI and AIGC business segments [2]